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So what: Revenue rose 23% during the quarter to $126.0 million and the company swung to a profit of $629,000, or $0.01 per share. On an adjusted basis, the company lost $0.06 per share versus estimates for a $0.04 profit from Wall Street.

Now what: Midstates is folding the recent Panther acquisition into the company so results were a bit unpredictable for the quarter. My bigger concern would be the company's value at over 20 times this year's earnings estimates, which will fall after the earnings miss. That's not enough value to jump in now but keep an eye on growth on both the top and bottom lines for signs that the value is getting better.

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